Beach Petroleum Spuds Glenaire-1

Beach Petroleum has spud the Glenaire-1 gas exploration well located within PEP 160 in the Otway Basin.

The Glenaire structure is a large fault block and the well will target sandstones in the Early Cretaceous Pretty Hill Formation, which are productive for gas in five fields in the Katnook area in the South Australian portion of the Otway Basin. Glenaire is assessed to have a mean recoverable gas potential of 68 BCF (with a high-side of 193 BCF).

Glenaire-1 has a planned total depth of 3945 meters that is expected to take approximately 63 days to drill from spud.

Joint Venture participants in the Glenaire-1 well are Beach Petroleum Ltd as operator with 50%; Santos Ltd (TMOC) with 30% and Origin Energy Resources Ltd with 20%.

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